CandleFocus Ethereum Price Faces Challenges: Will It Find Traction Soon?
2024-11-20
Author: Content Editor
The Ethereum price has struggled to break above the $3,220 resistance level and is now slowly declining towards the $3,060 support level. Unlike Bitcoin, Ethereum was unable to sustain an upside break and has dropped below key support levels at $3,150 and $3,120. The price is now consolidating around the $3,070 level and is trading below the 100-hourly Simple Moving Average. However, there is a bullish trend line forming with support at $3,070. On the upside, the price faces hurdles at $3,120 and $3,150, with the main resistance forming near $3,220. A clear move above this level might lead to further gains towards the $3,350 and $3,500 resistance levels. On the other hand, if the $3,150 resistance is not cleared, Ethereum could start another decline and find support near $3,060 and $3,000. Further losses may push the price towards $2,880 and $2,740, with a key support level at $2,650. The MACD indicator is showing bearish momentum, and the RSI is below the 50 zone.
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